TGS Geological Products and Services secured another multi-million dollar underwriting commitment to its U.S. LAS program on Friday, April 4th. The underwriter will receive license to approximately 400,000 LAS and over four million smartRASTER well logs from TGS over a three and a half year period. Approximately one-third of this data is available for immediate delivery.
LAS (Log Ascii Standard) well logs are fully digitized well logs that are used in a variety of geological, geophysical and petrophysical applications and typically have a commercial value of approximately ten times the value of the standard well log images. smartRASTER is a format developed by TGS to depth calibrate rasterized well log images.
Robert Hobbs, Chief Operating Officer of TGS, said "This transaction is even larger than the record well log deal we announced in 2007. With this latest addition, the onshore U.S. LAS underwriter program now has six underwriters and includes commitments to nearly 850,000 wells covering much of the Rocky Mountains and the onshore Gulf Coast regions. In addition, we already have extensive LAS coverage in the offshore Gulf of Mexico region. We are excited by the industry's rapid acceptance of our vision to build a comprehensive inventory of higher value well log products and we look forward to expanding the program with additional sponsorship into other geographic areas."
The TGS well log database presently contains more than five million well logs from key exploration areas worldwide. All of this data is available to clients via the Company's LOG-LINE Plus! database which features online access, search tools and immediate download capabilities.
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